Commerce and Industry Minister Piyush Goyal is set to visit Riyadh for two days, starting Tuesday, to discuss strengthening cooperation with Saudi Arabia in renewable energy, digital infrastructure, and manufacturing, according to an official statement on Monday.

The Commerce and Industry Ministry announced that Piyush Goyal will attend the Future Investment Initiative (FII) in Riyadh, a major platform connecting global leaders, investors, and innovators.

His participation will showcase India’s rapid economic growth, commitment to sustainable development, advancements in AI, and opportunities in sectors such as renewable energy, digital infrastructure, and advanced manufacturing.

On the sidelines of the FII, Goyal will engage with top global investors to boost investor confidence, encourage investment flows, and position India as a preferred international investment destination.

Piyush Goyal will hold bilateral meetings with key Saudi ministers in commerce, industry, mineral resources, investment, and energy to discuss cooperation in energy transition, digital transformation, and trade facilitation.

He will also co-chair the second ministerial meeting of the Economy and Investment Committee under the India-Saudi Strategic Partnership Council, focusing on agriculture, food security, energy, technology, and infrastructure.

India ranks as Saudi Arabia’s second-largest trade partner, while Saudi Arabia is India’s fourth-largest.

Bilateral trade between India and Saudi Arabia reached USD 43 billion in 2023-24, down from USD 53 billion in 2022-23.

Over 2,700 Indian companies operate as joint ventures or fully owned entities in Saudi Arabia, with investments totaling around USD 2 billion.

Leading Indian firms, including L&T, TATA, Wipro, TCS, TCIL, and Shapoorji & Pallonji, have a strong presence in the Kingdom.

Saudi Arabia’s direct investments in India reached USD 3.22 billion between April 2000 and June 2024.

Major Saudi investors in India include ARAMCO, SABIC, ZAMIL, E-holidays, and the Al Batterjee Group.

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